Bunker Fuel Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, Others), By Commercial Distributor (Oil Majors, Large Independent Distributor, Small Independent Distributor), By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global bunker fuel market was valued at $109.6 billion in 2020, and is projected to reach $164.9 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Bunker fuel is the fuel oil supplied to ships that are engaged in international navigation. The international navigation takes place through sea, coastal waters, on waterways, and inland lakes. Bunker fuel is mainly classified into low sulfur fuel oil, high sulfur fuel oil, marine gas oil, and others. Marine gas oil is mostly used in small and highly rated diesel engines, which are found in many different ships. High sulfur fuel oil is the high viscosity fuel oil. Bunkering is the term used to supply bunker fuel to ships or vessels that are further used in the maritime trade operations.
Rise in offshore exploration & production (E&P) activity and increase in seaborne trade are the factors that drive the growth of the global bunker fuel market. In addition, regulations of the international maritime organization (IMO) of sulfur cap for marine fuels drive the growth of the bunker fuel market. Moreover, increase in utilization of liquefied natural gas (LNG) as a marine fuel is anticipated to fuel the growth of the bunker fuel market during the forecast period. High investment cost involved in development of bunker fuel infrastructure and regulatory framework is anticipated to hamper the growth of the bunker fuel market. On the contrary, building & construction of international marine trade and sea trade routes is anticipated to fuel the market growth in future.
The global bunker fuel market is segmented on the basis of type, commercial distributor, application, and region. Depending on type, the market is categorized into high sulfur fuel oil (HSFO), low sulfur fuel oil (LSFO), marine gasoil, and others. On the basis of commercial distributor, it is classified into oil major, large independent, and small independent. As per the application, it is fragmented into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2030.
A comprehensive analysis of the factors that drive and restrict the growth of the global bunker fuel market is provided.
Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
Estimations and forecast are based on factors impacting the global bunker fuel market growth, in terms of value.
The key market players are profiled to gain an understanding of the strategies adopted by them.
This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which help to identify the prevailing market opportunities.
Key Market Segments
By Type
High Sulfur Fuel Oil
Low Sulfur Fuel Oil
Marine Gasoil
Others
By Commercial Distributor
Oil Majors
Large Independent Distributor
Small Independent Distributor
By Application
Container
Bulk Carrier
Oil Tanker
General Cargo
Chemical Tanker
Fishing Vessels
Gas Tanker
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Singapore
Rest of Asia-Pacific
LAMEA
Brazil
South Africa,
Saudi Arabia
UAE
Qatar
Kuwait
Iraq
Djibouti
East Africa
Oman
Egypt
Rest of LAMEA
Key Market Players
BP Plc
Exxon Mobil Corporation
Royal Dutch Shell Plc
Lukoil
Sinopec Group
Gazprom Neft PJSC
Chevron Corporation
Petronas
TotalEnergies
Neste Oyj
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